MIRA INFORM REPORT

Report No. :	313723
Report Date :	27.03.2015

IDENTIFICATION DETAILS

Name :	MODEL INFRA CORPORATION PRIVATE LIMITED (w.e.f. 09.11.2009)
Formerly Known As :	MODEL BUCKETS AND ATTACHMENTS PRIVATE LIMITED
Registered Office :	No.6, Second Floor, SMK Chambers, First A Main Road, New Town, Yelahanka, Bangalore – 560064, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.11.2003
Com. Reg. No.:	08-075882
Capital Investment / Paid-up Capital :	Rs. 1976.201 Million
CIN No.: [Company Identification No.]	U29244KA2003PTC075882
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Importer and Fabricator of earth moving components and other fabrication business.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of accumulated losses incurred by the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit: BBB-
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	24.09.2014

Rating Agency Name	CRISIL
Rating	Letter of credit : A3
Rating Explanation	Moderate degree of safety and carry higher credit risk.
Date	24.09.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Ashish Dwedi
Designation :	AGM Finance
Contact No.:	91-80-43340333
Date :	24.03.2015

LOCATIONS

Registered Office :	No.6, Second Floor, SMK Chambers, First A Main Road, New Town, Yelahanka, Bangalore – 560064, Karnataka, India
Tel. No.:	91-80-43340333
Fax No.:	91-80-43340332
E-Mail :	hpreddy@modelinfra.com
Website :	www.modelinfra.com
Factory:	L 13, Verna Industrial Estate, Verna, Goa, India
Factory :	Located at Dharwad Bangalore Verna Pune

DIRECTORS

As on 26.09.2014

Name :

Mr. Kubatoor Patel Shivaprakash

Designation :

Director

Address :

Flat B, Udyam Classic, Mannar No. 6, 79^th Street, 18 Avenue, Ashok Nagar, Chennai – 600083, Tamilnadu, India

Date of Birth/Age :

17.05.1969

Date of Appointment :

26.09.2014

DIN No.:

01292679

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27101KA1974PTC002501	KRISHNA FABRICATIONS PRIVATE LIMITED	Director	07-11-05	07-11-05	07-06-08	Active	NO
2	U34300KA2006PTC038845	SURIN AUTOMOTIVE PRIVATE LIMITED	Whole-time director	28-12-07	28-12-07	21-10-13	Active	NO
3	U29244KA2003PTC075882	MODEL INFRA CORPORATION PRIVATE LIMITED	Director	26-09-14	03-01-14	-	Active	NO
4	U28999TN2001PTC048200	TEXCEL INTERNATIONAL PRIVATE LIMITED	Nominee director	13-02-14	13-02-14	-	Active	NO

Name :

Mr. Amit Asharatan Pachisia

Designation :

Director

Address :

11, Dream Queen, V P Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

Date of Appointment :

30.09.2013

DIN No.:

02600012

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U22219MH1991PLC060717	MULTI-FLEX LAMI-PRINT LIMITED	Nominee director	20-08-09	20-08-09	27-11-09	Active	NO
2	U74999MH1996PTC099716	Aireff deTox Private Limited	Director	17-09-09	11-09-09	30-09-14	Active	NO
3	U74140TN2000PTC045303	G.E.T. WATER SOLUTIONS PRIVATE LIMITED	Director	14-05-10	14-05-10	16-02-15	Active	NO
4	U74140MH2001PLC133051	HYDROAIR TECTONICS (PCD) LIMITED	Nominee director	08-01-11	08-01-11	16-04-11	Active	NO
5	U90001MH2011PTC213833	HYDROAIR INFRASTRUCTURE MANAGEMENT (NORTH) PRIVATE LIMITED	Director	21-02-11	21-02-11	14-03-12	Active	NO
6	U90001MH2011PTC213832	HYDROAIR INFRASTRUCTURE MANAGEMENT (SOUTH) PRIVATE LIMITED	Director	21-02-11	21-02-11	14-03-12	Active	NO
7	U90000MH2011PTC213841	HYDROAIR INFRASTRUCTURE MANAGEMENT (WEST) PRIVATE LIMITED	Director	21-02-11	21-02-11	14-03-12	Active	NO
8	U74999TN2007PTC063584	ECOFIL TECHNOLOGIES INDIA PRIVATE LIMITED	Director	13-07-11	13-07-11	12-09-14	Active	NO
9	U29244KA2003PTC075882	MODEL INFRA CORPORATION PRIVATE LIMITED	Director	30-09-13	14-03-13	-	Active	NO
10	U74120MH2013PTC241171	CLEARWATER INVESTMENT ADVISORS INDIA PRIVATE LIMITED	Director	18-09-14	27-08-14	-	Active	NO

Name :

Mr. Robert Monis

Designation :

Director

Address :

301, 3^rd Floor, Vijayadurga Residency, Mathikere, 14^th Cross, SBM Colony, Opposite J P Park, Bangalore – 560054, Karnataka, India

Date of Birth/Age :

06.06.1967

Date of Appointment :

30.01.2013

DIN No.:

06432345

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29244KA2003PTC075882	MODEL INFRA CORPORATION PRIVATE LIMITED	Director	30-01-13	23-11-12	-	Active	NO
2	U15122KA2014PLC075717	HARSHA SUGARS Limited	Director	08-08-14	08-08-14	-	Active	NO

Name :

Mr. Mikkili Ankineedu Prasad

Designation :

Director

Address :

B 401 Aswini Apartments, 14 Outer Ring Road, Banasankari, 2^nd Stage, Bangalore – 560070, Karnataka, India

Date of Birth/Age :

02.06.1969

Date of Appointment :

26.06.2014

DIN No.:

06554903

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28999TN2001PTC048200	TEXCEL INTERNATIONAL PRIVATE LIMITED	Director	27-09-13	12-04-13	-	Active	NO
2	U29244KA2003PTC075882	MODEL INFRA CORPORATION PRIVATE LIMITED	Director	26-09-14	20-06-14	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Hariprasad Reddy R
Designation :	Secretary
Address :	V 101, Vinay Residency Kaikondra Halli, Sarjapur Road, Bangalore – 560035, Karnataka, India
Date of Birth/Age :	22.07.1971
Date of Appointment :	15.04.2013
PAN No.:	AHEPR3924M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2014

Names of Shareholders	No. of Shares
Ganesh Kumar Ishwar	14517
Ecofil Technologies (India) Private Limited	10000
Clearwater Capital Partners Singapore Fund III Pte Limited, Singapore	126684028
Fraserville Investments Pte Limited, Singapore	85912614
Total	212621159

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter, Importer and Fabricator of earth moving components and other fabrication business.
Products :	Fabricator of earth moving components Other fabrication business
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Australia Germany
Imports :
Products :	Raw Material
Countries :	Japan USA Brazil
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Steel Authority of India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	L and T Construction, Bangalore
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

250 (Approximately)

Bankers :

• State Bank of India, Commercial Branch, No.232, N.S.C Bose Road, Chennai - 600001, Tamilnadu, India
• Canara Bank, Panaji Branch, Mathias Plaza Building, 18th June Road, Panji - 403001, Goa, India
• Centurion Bank of Punjab Limited, Shanta Durga Niwas, M G Road, Panjim, Goa - 403001, Goa, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Other loans and advances, others	1.493	280.589
Short-term borrowings
Term loans from banks	188.649	233.649
Rupee term loans from others	124.983	95.000
Total	315.125	609.238

Banking Relations :	--
Finance Institute:	TATA Capital Limited, Ewart House 3rd Flr22 Homi Mody Street, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	V. Sankar Aiyar and Company Chartered Accountants
Address :	41 Circular Road, First Floor, United India Colony, Kodambakkam, Chennai - 600024, Tamilnadu India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFV0781D
Memberships :	--
Collaborators :	--
Subsidiaries :	Texcel International Private Limited, India [U28999TN2001PTC048200] Global Mettle Private Limited, India [U29307KA2009PTC050551]
Associate:	Timetooth Technologies Private Limited, India [U74900DL2009PTC187599]

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
220000000	Equity Shares	Rs.10/- each	Rs. 2200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
212621159	Equity Shares	Rs.10/- each	Rs. 2126.212 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
220000000	Equity Shares	Rs.10/- each	Rs. 2200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
197620122	Equity Shares	Rs.10/- each	Rs. 1976.201 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (12 Months )	31.03.2013 (6 Months )	30.09.2012 (18 Months )
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1976.201	1718.487	1338.487
(b) Reserves & Surplus	(828.835)	(744.570)	(656.316)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1147.366	973.917	682.171
(3) Non-Current Liabilities
(a) long-term borrowings	1.493	280.589	299.800
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.493	280.589	299.800
(4) Current Liabilities
(a) Short term borrowings	313.632	328.649	287.782
(b) Trade payables	160.416	100.191	120.547
(c) Other current liabilities	38.360	39.116	20.605
(d) Short-term provisions	5.881	4.362	2.516
Total Current Liabilities (4)	518.289	472.318	431.450
TOTAL	1667.148	1726.824	1413.421
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	514.039	490.161	509.326
(ii) Intangible Assets	0.211	0.000	0.000
(iii) Capital work-in-progress	12.765	2.212	0.773
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	419.170	289.170	285.870
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	37.946	54.481	12.123
(e) Other Non-current assets	5.001	47.357	46.566
Total Non-Current Assets	989.132	883.381	854.658
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	192.274	188.408	203.436
(c) Trade receivables	252.113	250.366	260.068
(d) Cash and cash equivalents	66.271	319.655	20.850
(e) Short-term loans and advances	166.429	80.491	73.072
(f) Other current assets	0.929	4.523	1.337
Total Current Assets	678.016	843.443	558.763
TOTAL	1667.148	1726.824	1413.421

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014 (12 Months )	31.03.2013 (6 Months )	30.09.2012 (18 Months )
SALES
Income	1048.067	541.309	1983.972
Other Income
TOTAL	1048.067	541.309	1983.972
EXPENSES	1155.795	588.418	2104.525
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(107.728)	(47.109)	(120.553)
DEPRECIATION/ AMORTISATION	28.018	14.237	42.042
PROFIT/( LOSS) BEFORE TAX	(135.746)	(61.346)	(162.595)
NON- COMPETITION FEE	0.000	0.000	0.000
PROFIT/(LOSS) BEFORE TAX AFTER EXCEPTIONAL ITEMS	(135.746)	(88.229)	(534.375)
TAX	0.062	0.025	0.557
PROFIT/ (LOSS) AFTER TAX	(135.808)	(88.254)	(534.932)
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(77.569)	(689.314)	(154.382)
Balance Carried to the B/S	(213.377)	(777.568)	(689.314)
EARNINGS IN FOREIGN CURRENCY
Export of goods calculated on FOB basis	3.171	0.000	0.000
TOTAL EARNINGS	3.171	0.000	0.000
IMPORTS
Raw Materials	76.647	49.877	39.653
Components	8.590	1.530	149.279
Consumables	10.639	10.785	2.661
Capital Goods	0.402	0.000	1.362
TOTAL IMPORTS	96.278	62.192	192.955
Earnings / (Loss) Per Share (Rs.)	(0.78)	(0.57)	(6.89)

KEY RATIOS

PARTICULARS		31.03.2014 (12 Months )	31.03.2013 (6 Months )	30.09.2012 (18 Months )
Net Profit Margin (PAT / Sales)	(%)	(12.96)	(16.30)	(26.96)
Return on Total Assets (PBT/Total Assets}	(%)	(10.99)	(4.27)	(14.43)
Return on Investment (ROI) (PBT/Networth)		(0.12)	(0.06)	(0.24)
Debt Equity Ratio (Total Debt /Networth)		0.27	0.63	0.86
Current Ratio (Current Asset/Current Liability)		1.31	1.79	1.30

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	30.09.2012 (18 Months)	31.03.2013 (6 Months)	31.03.2014 (12 Months)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1338.487	1718.487	1976.201
Reserves & Surplus	(656.316)	(744.570)	(828.835)
Net worth	682.171	973.917	1147.366
long-term borrowings	299.800	280.589	1.493
Short term borrowings	287.782	328.649	313.632
Total borrowings	587.582	609.238	315.125
Debt/Equity ratio	0.861	0.626	0.275

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2012 (18 Months)	31.03.2013 (6 Months)	31.03.2014 (12 Months)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	1983.972	541.309	1048.067
		(72.716)	93.617

NET PROFIT MARGIN

Net Profit Margin	30.09.2012 (18 Months)	31.03.2013 (6 Months)	31.03.2014 (12 Months)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	1983.972	541.309	1048.067
Profit	(534.932)	(88.254)	(135.808)
	(26.96%)	(16.30%)	(12.96%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

REVIEW OF OPERATIONS:

During the year, the Company generated total revenue of Rs. 1048.067 Million (Net of taxes and duties) as compared to the last year revenue of Rs. 541.309 Million. During the year the Company has incurred a loss of Rs 135.746 Million before extra - ordinary items (for 12 months) as compared to the last year's net loss of Rs. 61.346 Million (for 6 months). The total loss after extra ordinary items during the period stands at Rs. 135.808 Million. (for 12 months) (P.Y Rs. 88.254 Million for 6 months)

The revenue from operations was lower in the first half of the financial year due to slow down in infrastructure industry and in the second half of the financial year there was significant gain in the revenue. Change in business cycle and positive trends in infrastructure industry is expected to improve the performance of the company in the financial year 2014-15.

The Company has taken several new initiatives including building its own product called tyre pyrolysis and also the company has initiated business with some potential customers like SAN, WIRTGEN, SANDVIK, RAILWAYS, DEFENCE,TDPS AND SIGNODE, where the company can get continuous orders.

Further the Company has finalised plans to start operations at strategic locations like Pune and Chennai during the Financial Year 2014-15.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10108818	20/06/2013 *	931,600,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, NO.232 NSC BOSE ROAD, CHENNAI, TAMIL NADU - 600001, INDIA	B79575007

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Vehicles
• Office equipment
• Computer equipments

Intangible assets

• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.67
UK Pound	1	Rs.93.26
Euro	1	Rs.68.85

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.